Otto Marine drops case against Hoe Leong CorporationCompany News // September 15, 2016
Referring to an earlier announcement relating to winding up application against Hoe Leong Corporation Limited dated 18 August 2016, Otto Marine has announced that, on 9 September 2016 it received from Hoe Leong a cashier’s order for the outstanding sum of US$0.92 million in furtherance to a statutory demand dated 16 June 2016 issued by the company.
"Our solicitors have informed Hoe Leong’s solicitors that the company has accepted and cashed the said cashier’s order on the basis that it is an admission by Hoe Leong of the debt owed," said Otto Marine.
The High Court of the Republic of Singapore was informed at the winding up hearing on 13 September 2016 that full payment had been received by the company for the sum demanded in the statutory demand. There was therefore no need for the company to proceed with the winding up application.
Hoe Leong was ordered by the High Court to pay the company costs plus disbursements for the winding up application.